Icelandic investment fund Kcaj, which owns several chains including Jones the Bootmaker, Mountain Warehouse and Blooming Marvellous, could be put into administration this week forcing the sale of its stakes in the retailers.

The investment fund run by Arev, set up by former Baugur director Jon Scheving Thorsteinsson, pulled future funding to its companies last year causing two of its investments Hardy Amies and Ghost to go into administration.

The future of another of its investments, Blooming Marvellous, remains unclear and could be the next to fall to the hands of the administrators.

Kcaj is majority owned by Icelandic fund Milestone which has put its investment bank, Askar Capital, in charge if managing the fund.

Askar head of corporate finance Bjarki Brynjarsson said that he was looking at options for releasing value from Kcaj for its creditors, one of which would be voluntary administration. Other avenues open to Kcaj would be restructuring or selling some of its stakes.

In November Retail Week revealed that the directors of Kcaj’s partner vehicle Arev, had left the business leaving serious doubt over Arev’s future.

The management of some of Arev’s investments including Jones the Bootmaker and Aspinalls of London are believed to be interested in buying out their businesses if Kcaj does not survive.